Chapter 15: The Hongwu Treasure Note!

“The selection and appointment of officials during the Chongzhen reign still relied on the assistance of the Three Yangs in the Inner Cabinet. As long as one possessed talent, they could be placed in the appropriate position,” Zhu Youjian mused thoughtfully.

The northern Tatar tribes remained a looming threat, constantly encroaching upon the Ming borders. Wu Sangui, the commander in Liaodong, vacillated endlessly, unsure of his loyalties, and harbored a deep wariness toward Chongzhen, fearful lest he repeat Yuan Chonghuan’s doomed path.

In Shandong, Liu Zeqing openly defied imperial orders and ruled his own territory, while Zuo Liangyu commanded an army of two hundred thousand, entrenched in Wuchang—a tremendous hidden danger.

As for the prosperous southern regions, one could imagine the gentry and scholars reveling in song and dance, living as if in an idyllic paradise, untouched by the rise and fall of dynasties.

Although the previous purges had been thorough, it was still necessary to replenish the ranks of officials afterward. After all, such a vast empire could not be sustained by the mere handful of ministers who remained.

“But how should the Hongwu reign be strengthened to prolong the dynasty’s fate?”

With the old Zhu himself endorsing the Jianwen reign, the officials dared not utter a word. Zhu Di, therefore, had no need for any drastic maneuvers, nor to prematurely relocate the capital and squander resources; instead, with the founding emperor looming overhead, always liable to descend in judgment, Zhu Di toiled diligently every day, never daring to relax!

After the 'Pacification of the Troubles,' the Ming dynasty was rapidly recovering; even the officials, once cowed by the old Zhu, now worked in concert, fostering the beginnings of a golden age.

Thus, it was no surprise the dynasty’s fortunes were on the rise.

After obtaining the reward for the Jianwen reign’s improved fate, Zhu Youjian found himself craving more, eager to swiftly reverse the current predicament, knowing that only something revolutionary could achieve this!

For instance—the steam engine...

“I shall first pay a visit to the Hongwu reign. If there is no expedient method, I’ll start with the Hongwu banknotes and explain to the Grand Founder what a silver standard truly means.”

“If that fails, perhaps establish a Ming Daily to control public opinion. If nothing else, I’ll have to wait for the steam engine, transplant it directly, lay down railways, and the dynasty’s fortunes will undoubtedly surge.”

As he pondered, Zhu Youjian’s eyes suddenly brightened.

“It seems the Land of Wa possesses a massive silver mine, reportedly producing a third of the world’s silver at the time—over three million taels annually, with reserves enough for four centuries, nearly matching thirty to forty percent of Hongwu-era tax revenue!”

“We must bring the Grand Founder to the nineteenth year of Yongle—at that time, Zheng He should be preparing for his fifth voyage to the Western Seas. There is no time to lose.”

With that, Zhu Youjian waved his hand and opened the passage to the Hongwu reign.

...

Hongwu, fifteenth year.

The Hall of Heavenly Favor.

Zhu Yuanzhang was engrossed in his work, reading and annotating memorial after memorial.

Beside him knelt the twenty-year-old Prince of Yan, soon to be enfeoffed. His expression was one of terror tinged with grievance, his face bruised and battered, trembling on the floor.

He could not comprehend it—he had merely asked his elder brother, Zhu Biao, to inquire when their father would send him to his fief, only to be summoned and beaten mercilessly, without even a reason given.

Moments ago, he had timidly mustered the courage to ask, “Why did you beat me?” Only for Zhu Yuanzhang to glare fiercely and roar, “It is a father’s right to beat his son!”

That single sentence left him speechless.

“May the ancestors preserve their blessings,” Zhu Youjian murmured as he appeared, witnessing the scene and daring not to speak further, only bowing respectfully. “Greetings, Grand Founder.”

“You’ve come, my great-grandson,” Zhu Yuanzhang rubbed his brow, revealing a weary smile before straightening his posture. “I am ready. The capital’s forces can dispatch another fifty thousand troops. The fourth prince should be prepared as well. When shall we depart?”

Prepared for what—leading troops into battle?

The young Zhu Di’s eyes suddenly gleamed.

Zhu Youjian felt embarrassed and hurriedly replied, “Grand Founder, the crisis in the capital has been resolved. The rebel army is no match for your Hongwu troops—they have been utterly defeated and are not worth mentioning.”

“Oh? Seems I have overestimated the rebel forces,” Zhu Yuanzhang breathed a sigh of relief, finally unburdened, and laughed heartily.

Zhu Youjian continued, “I have come today to introduce you to someone.”

“Who?”

“Zhu Di!”

“I am here,” the young Zhu Di answered reflexively.

Bang!

“Get out, you rascal,” Zhu Yuanzhang cursed, kicking him out of the Hall of Heavenly Favor.

Of course, the old Zhu knew it was not his own fourth son, nor the elder Zhu Di of the Jianwen reign, but rather the Zhu Di who had relocated the capital to Beijing and reigned as Yongle!

“Seeing my fourth son gives me a headache. Look—when he’s by my side, he’s so obedient, never talks back or resists. But after years in the north, he’s become wild!” Zhu Yuanzhang lamented for a moment, then turned to ask, “Why do you wish to visit the Yongle reign, my great-grandson?”

Zhu Youjian smiled, “To make money!”

“Oh?” Zhu Yuanzhang pondered, then said, “Having just quelled the rebellion, the empire is in need of revival. If you are short of funds, I can grant you a million taels in banknotes—use them as you wish. If it’s not enough, I’ll print more.”

‘See, this is the blind indulgence from the ancestors,’ thought Zhu Youjian—at least until he heard the word “banknotes,” after which his face fell.

To speak of Hongwu banknotes, one must mention the Yuan dynasty.

The Yuan was remarkably advanced in finance, being the first in China to use paper currency as the primary medium nationwide.

As a product of the Yuan era, Zhu Yuanzhang had a particular fondness for paper money, loving to print Hongwu banknotes and exchange these sheets of conjured paper for real goods.

However, unlike the Yuan, which at least initially maintained reserves and strictly adhered to the silver standard, Zhu Yuanzhang never considered the issue of reserves when printing banknotes.

In the twenty-ninth year of Hongwu, Zhu Yuanzhang launched his final northern campaign—the thirteenth of his reign.

Prince Yan, Zhu Di, twice routed the Northern Yuan at Danning and returned victorious. In his joy, Zhu Yuanzhang bestowed upon him a banknote worth one million taels.

But by then, Hongwu banknotes, due to indiscriminate issuance, had become worthless, so much so that Zhu Di would not even use the million-tael note as toilet paper!

“Grand Founder, within a few decades, the banknotes were abolished. The court was forced to lift the ban on silver. In fact, because you never adhered to the silver standard, the banknotes have been relentlessly devalued!”

“In forty or fifty years, each note worth a string of coins could only be exchanged for a single copper coin. Eventually, banknotes littered the streets, and passersby wouldn’t even glance at them.”

“At that time, the court had no choice but to repeal the ban on silver, returning the Ming dynasty to the silver era.”

(A string equals a thousand coins—the highest denomination of banknotes at the time. Later, the old Zhu went wild, printing million-tael notes, akin to Ming dynasty Zimbabwean dollars.)

Zhu Youjian explained concisely and tactfully, outlining the pros and cons of banknotes and the nature of the silver standard.

Fortunately, the old Zhu was clever and unafraid to ask questions. After repeated explanations, Zhu Youjian finally made him understand.

Zhu Yuanzhang’s face grew grave, recognizing the gravity of the issue, and he spoke somberly, “So, to issue banknotes, one must reserve as much silver as the value printed... But the silver collected by the court is meager, so the amount of banknotes would be pitifully small, unable to circulate even in the capital.”

Zhu Youjian replied, “That is precisely why we must go to the Yongle reign for silver.”

“There was a lot of silver in the Yongle era?” Zhu Yuanzhang asked in confusion.

“During Yongle, years of war left Zhu the Fat, who ruled in the emperor’s absence, so destitute he nearly pawned his trousers. There was no money. Our purpose this time is to obtain Zheng He and his treasure fleet, so as to cross eastward to the Land of Wa and bring this tiny island under Ming rule!”

Zhu Youjian continued, “Grand Founder, you may not know—the Land of Wa, though tiny, possesses a colossal silver mine, producing over three million taels annually, with reserves for at least four centuries!”

“How much!?” Zhu Yuanzhang slammed the table in shock, his eyes nearly popping out. In the Hongwu reign, the annual silver intake was a paltry few hundred thousand taels!

Meanwhile, cloth, silk, and grain, converted into silver, amounted to twenty million taels—the disparity was staggering!

He had hesitated before, for the Land of Wa was historically impoverished and politically chaotic, with shoguns stronger than the king, leading him to refuse their annual tribute.

He feared expending the empire’s strength in an eastern campaign, only to acquire a worthless territory.

But now, anyone who opposed the campaign—he could slap them right out of the hall!

A silver mine yielding three million taels annually, if properly utilized...

As a ruler, Zhu Yuanzhang knew this would be a monumental achievement, benefiting generations to come!

Suddenly, Zhu Yuanzhang declared, “Great-grandson, why go to the Yongle reign? We have ships right here!”

Years before, to counter Chen Youliang’s navy, the old Zhu had resolved to vigorously develop shipbuilding. Now, the industry was fully mature.

Zhu Youjian explained, “The main purpose is to consult Zheng He about his maritime experience. Between Ming and Wa, monsoon winds howl; if the timing is wrong, passage may not even be safe. This is a matter of utmost importance and must be thoroughly prepared!”

“Great-grandson speaks wisely. In the Yuan dynasty, both campaigns against Wa were thwarted by storms, costing tens of thousands of soldiers and untold supplies and equipment. The risks are high—but the rewards are even greater! With proper preparation, there is nothing to fear!” Zhu Yuanzhang agreed wholeheartedly.

Once everything was ready, Zhu Youjian asked, as was his custom, “Grand Founder, is there anything you wish to instruct before we depart?”

“No, let us set out at once!” Zhu Yuanzhang waved his hand, then suddenly sighed,

“The fourth prince will soon go to his fief—let him stay by my side a few more months to learn. Suppose someday Biao... suppose...”

Zhu Youjian opened his mouth, then replied softly, “All shall be as you wish, Grand Founder.”

He dared not guarantee that Crown Prince Zhu Biao would live to a ripe old age, nor that his succession would ensure lasting peace.

After all, when he had warned Zhu Biao, and Zhu Yuanzhang had imposed strict working hours, the Hongwu dynasty’s fortunes had not improved. It was as if the answer had already been given.

...